Wednesday, February 28, 2024

US stocks fell early on expectations of economic data


Although the yield on the 10-year Treasury note fell below 3.9%, the lowest level since July, U.S. stock indexes were lower in early trade on Wednesday amid expectations of the release of economic data. The world’s largest economies.

At the start of the session, the Dow Jones Industrial Average was down 0.2% or 69 points at 37,488 points at 05:40 pm Mecca time.

The S&P 500 index fell 0.15%, or 6 points, to 4,762 points, while the Nasdaq index settled at 15,005 points.

FedEx (New York: FDX ) shares fell 9.95% to $252.10 after the U.S. shipping company reported its fifth straight quarter of revenue declines on continued weak demand to $22.2 billion in the second quarter of fiscal 2024. It fell below expectations.

It comes after the “Dow Jones” hit five record highs in a row, and the “Nasdaq” ended yesterday’s trade above 15,000 points for the first time since January 2022, while the “S&P 500” came close to its record, recording about two. years ago.

After the session, Micron Technology’s (NASDAQ: MU ) business results will be released for the first quarter of fiscal 2024, and the chipmaker’s quarterly performance is expected to be negatively impacted by inflationary pressures and growing weak consumer spending. Concerns about a global economic slowdown.

Later today, investors will look ahead to December US consumer confidence data, as well as learn more about the US housing market with the November current home sales announcement.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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